Economics Principles - Ch. 2 Chapter Warm Up

_________________ refers to the number of products or services that consumers will purchase at varying costs at a given time. a) demand b) equilibrium point c) oligopoly d) gross domestic product e) supply

a) demand

All _________________________ must become part of the Federal Reserve system. a) national banks b) state banks c) merchant banks d) investment banks e) credit unions

a) national banks

Which term describes a resource that has limited quantity? a) scarcity b) equilibrium point c) demand curve d) opportunity cost e) producer price index

a) scarcity

Which of the following is an economic system that in its most developed form involves collective ownership of the means of production? a) socialism b) capitalism c) free-market system d) oligopoly e) price system

a) socialism

____________________ is a system of digital tokens such as Bitcoin. a) money b) cryptocurrency c) legal tender d) fiat money e) blockchain

b) cryptocurrency

What term refers to innovations that could improve financial services? a) neobanks b) fintech c) crowdfunding d) peer-to-peer lending e) artificial intelligence

b) fintech

Fintech innovators are now applying automated, AI-based threat intelligence to help _______________. a) lower banking costs b) protect against cybercriminals c) process loan applications online d) provide investment opportunities e) transfer money quickly

b) protect against cybercriminals

What term describes the amount of money in circulation at any given time? a) M1 b) time deposits c) money supply d) M2 e) smart contracts

c) money supply

A condition in which a certain number of consumers and vendors exist to ensure that no sole consumer or vendor can independently impact market rate is known as __________________. a) gross domestic product b) monopolistic competition c) pure competition d) monopoly e) consumer price index

c) pure competition

An economic structure in which judgements about what to manufacture and in what amounts are determined by the market's consumers and retailers is known as _________________________. a) socialism b) capitalism c) nationalism d) a free-market system e) a planned system

d) a free-market system

____________________ is the analysis of a nation's more significant economic concerns, such as the manner in which firms compete, the impact of government policies, and the allocation and preservation of an economy's limited resources. a) microeconomics b) socialism c) capitalism d) monopolistic competition e) macroeconomics

e) macroeconomics

________________________________ involves a condition in which a sole company controls a particular market to the extent that it has the ability to control prices. a) oligopoly b) privatizing c) pure competition d) nationalizing e) monopoly

e) monopoly